[Proposal] Provide Liquidity on SpookySwap

[RTP]

Introduction

With our recent announcement of Tempus launching on the Fantom network, we are super excited to be bridging over and offering fixed yields on Fantom. Fantom has grown a vibrant and thriving DeFi community, and with over $12bn in TVL (source: Defi Llama) at the time of writing this post, the opportunity is exciting!

For those who may not have read the article, we believe in a multi-chain future and making fixed yields accessible to as many people as possible. In recent times, we have observed consistent high Ethereum transaction costs as users and builders. As such, we have decided to take a step towards our multi-chain future sooner than later.

Not only do we want to offer the Tempus product on the Fantom network, but we also want to foster and grow our existing Tempus community. As such, we would like to use a portion of the Tempus Treasury funds to incentivise our first liquidity pool with SpookySwap on Fantom.

Motivation

SpookySwap is currently the #1 DEX on Fantom with over $1.3bn in TVL. Tempus Labs has spoken with the team and believes SpookySwap is a great platform to launch the $TEMP token on Fantom.

The Spooky Partner Staking Model has been popular amongst other protocols that wanted to incentivise liquidity on the Fantom network. We feel it would greatly benefit our Fantom launch and help increase trading volume for TEMP (something that is considered by CEXs when listing ).

How does the Spooky Partner Staking Model work?

• Tempus will need to provide a certain amount of $TEMP tokens to SpookySwap (min $50k)
• The TEMP tokens will initiative a 60-day TEMP/WFTM pool with boosted yield
• After the 60 days, the incentives are finished, and the pool will revert to standard APR from earned trading fees

Proposal

In summary, to grow the Tempus community, increase Tempus liquidity and help our successful launch on Fantom, Tempus Labs proposes to bridge over 1,000,000 $TEMP tokens from the Tempus Treasury wallet over to the Fantom network to incentivise a 60-day Liquidity Mining program on SpookySwap.

Next steps

This post will be left open for the community to discuss until Friday 28 January. If there are no material concerns, Tempus Labs will launch a Snapshot vote to approve this proposal.

[csoreff]

Sounds ok to me.

Are we only relying on community-provided liquidity for this pool, or will other liquidity also be provided?

There is a chance it could end up very illiquid, even with the incentive.

[garai]

Tempus Labs will seed the pool with $500k worth of TEMP/WFTM to begin with, which should already provide sufficient liquidity for small retail trades. The 1,000,000 TEMP ($125,000 at today’s rates) will be enough to incentivize approximately $1.5 million in TEMP/WFTM liquidity at a 50% APY. The programme will only last 60 days to begin with - if there is sufficient trading activity, I think it’s a good idea to continue but we’ll see where we go from there.

[triasahoy]

So you will provide about bridge Temp ETH to Temp Fantom too?

[RTP]

If I understood your question correctly: Existing TEMP holders will not need to bridge their erc20 tokens if they don’t want to. TEMP will continue to remain an ERC20 token and a small portion will be wrapped and bridged so they are available to buy on Fantom.

[RTP]

Just to update the community on this proposal:

We have been speaking with the SpookySwap team and they are currently are working through a backlog and would not be able to onboard Tempus onto their partner program in time for our planned launch onto Fantom.

That said, we will continue to work closely with the SpookySwap team as we launch onto Fantom to get the $TEMP token whitelisted on SpookySwap with community AMAs in the pipeline as well

I will leave this Forum discussion open and progress to a snapshot vote closer to the time we can start the Spooky Partner Staking Program.